Over the past few days, the Shiba Inu community has burned a significant amount of SHIB.
Meanwhile, Shiba Inu has surpassed FTX Tokens, regaining its place in the top 10 largest cryptocurrencies held in USD values in the last 24 hours.
Over the past two days, the SHIB Army has transferred 315.7 million Shiba Inu to dead wallets.
Burning tokens is a common practice to reduce the amount of cryptocurrency in circulation and thus increase the price in the long term.
WhaleStats online data platform said Shiba had passed FTX Token (FTT) on the list of the most held coins by whales.
However, at the same time, the total SHIB held by these whales fell slightly below $400 million. SHIB is currently in third place, and FTT holds fourth place.
The top 100 whales on the Ethereum chain hold Shiba Inu worth $391,244,610, whereas previously, the amount had once exceeded $500 million, or even $1 billion before the bear market began.
For FTX Tokens, the total amount owned by whales is currently $328,626,696, representing 9.28% of their included portfolio. SHIB accounts for 11.7% of them.
The owner of the “BlueWhale0079” wallet, which bought about Shiba Inu 500 billion this month, also bought 250,000 FTXs, valued at $6,112,500.
This whale is currently ranked 410th on the WhaleStats scale.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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